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opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.

It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re looking to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you go on our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you jump in with NFT trading.

If you like to read, let’s go over the basics before we go over the costs and what it can offer.

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Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.

What is OpenSea? R Nfl

OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.

The NFTs available are not limited to music, art game items, domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.

What is the process behind OpenSea function?

If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.

For OpenSea All of the assets on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.

This means that unless the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.

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> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.

Music

Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.

In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT since before NFT became a reality. In the present, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected, like animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.

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> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.

For first-time sellers, you will be subjected to a one-time fee for gas.

You can currently select among five selling options. The choices are:

Fixed Price

The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.

Bundles

If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.

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> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.

With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee competitive.

But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.

In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be around $100 per NFT.

It is also important to be aware that some NFTs charge additional commissions. For instance, game designers get 15 percent or more commissions for the items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay for or make a deposit. R Nfl

The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s take a look at the advantages and drawbacks that come with using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. R Nfl

They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.

Cons

While it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

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> > Click Here to Explore OpenSea’s Marketplace < <

FAQ R Nfl

What do I need to know so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.

Does OpenSea has a support team?

Yes they have a customer support staff that can be reached via the contact page. Visit their website, and search for “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are gas fees?

These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they fluctuate every now and then.

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.

Does OpenSea have a support team?

Yes they have a customer support team that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.

What are gas fees?

The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.

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> > Click Here to Explore OpenSea’s Marketplace < <

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